In a significant leadership transition, the United Bank for Africa (UBA) Plc has appointed Mr. Chukwuma Nweke as its new Deputy Managing Director, effective October 1, 2024. This announcement marks a strategic move by the bank to bolster its executive leadership team and continue its trajectory of growth across Africa’s banking landscape.
The bank disclosed the leadership change in a statement filed with the Nigerian Exchange Group (NGX) and signed by its Secretary and Legal Counsel, Bili Odum. The statement also confirmed the retirement of Dr. Kayode Fasola, a Non-Executive Director, marking the end of his six-year tenure with the bank.
Mr. Nweke’s appointment as Deputy Managing Director is subject to approval from the Central Bank of Nigeria (CBN). He brings with him over 30 years of extensive experience across key sectors of the banking industry, including banking operations, finance, technology, and retail banking. His background is further strengthened by his prior role as UBA’s Executive Director and Group Chief Operating Officer.
Mr. Tony Elumelu, UBA’s Chairman, expressed confidence in Nweke’s leadership capabilities, citing his depth of industry knowledge as a critical asset to the bank’s Board. Elumelu stated, “Chukwuma Nweke’s proven expertise will significantly contribute to the bank’s growth strategy. His appointment reflects our commitment to strong governance and leadership excellence, which are pivotal in maintaining UBA’s leadership in Africa’s banking sector.”
Mr. Nweke holds a bachelor’s degree in Accountancy and an MBA from the University of Nigeria, Nsukka. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and an honorary member of the Chartered Institute of Bankers of Nigeria. Over the course of his career, Nweke has held senior roles in audit, strategy, and payments, making him a versatile leader within UBA’s executive team.
Nweke’s expertise in integrating technology with banking operations is expected to be a key driver in the bank’s efforts to enhance its digital banking capabilities and expand its footprint across the continent.
In the same statement, UBA announced the retirement of Dr. Kayode Fasola, who has served on the UBA Board since August 2018. During his tenure, Fasola held key positions, including Chairman of the Finance & General Purpose Committee and member of the Board Audit & Governance, Credit, and Statutory Audit Committees.
The UBA Board expressed its appreciation for Dr. Fasola’s service, highlighting his leadership and dedication during a pivotal period of the bank’s expansion. The Board acknowledged his contributions in guiding UBA through various regulatory and financial challenges while enhancing its governance framework.
As UBA navigates an evolving financial landscape in Africa, the appointment of Chukwuma Nweke is seen as a strategic move to sustain the bank’s upward momentum. With growing assets and increased focus on digital innovation, UBA aims to solidify its position as a leading financial institution in Nigeria and across its 20-country African footprint.
The bank’s announcement follows a trend among Nigeria’s largest banks, which are increasingly reshaping their leadership teams to address emerging market challenges. As UBA Group continues to expand its services and global reach, the leadership reshuffle signals the bank’s dedication to reinforcing its governance, operational efficiency, and customer experience.
With this leadership transition, UBA reaffirms its commitment to sustainable growth, innovation, and a customer-centric approach, ensuring it remains at the forefront of Africa’s banking sector.
